
Goldman Sachs sees expiry day shift hurting BSE, cuts target price to Rs 4,230
Goldman Sachs (GS) has issued a neutral call on BSE Ltd., revising its target price downward to Rs 4,230 per share, citing potential headwinds from the recent changes in the options market expiry schedule by the NSE.
The key concern highlighted by the brokerage is the impact of NSE’s shift in weekly option contract expiry days. Effective January 1, 2025, NSE will move its expiry day to Monday, while BSE’s will be Tuesday, creating an asymmetry in the options market.
This shift is expected to negatively affect BSE’s options trading market share, as weekly options expiries drive significant trading volumes.
BSE had been gaining ground in the options segment, with its market share in index options premium rising from 16% in December 2024 to 20-22% in January and February 2025. This happened after BSE shifted its weekly expiry from Fridays to Tuesdays.
However, the brokerage had anticipated greater liquidity buildup in BSE’s contracts and was expecting a further rise in market share to 30% by October 2025. The expiry schedule change has dampened those expectations.
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